Cango Inc. Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

, /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading Bitcoin mining company with an automotive transaction service in China, today announced its unaudited financial results for the fourth quarter and full year of 2024. Fourth Quarter 2024 Financial and Operational Highlights Total revenues were RMB668.0 million (US$91.5 million), a substantial increase from RMB130.2 million in the same period of 2023. This surge was primarily attributable to the launch of our Bitcoin mining business in November 2024, which generated RMB653.0 million (US$89.5 million) in the quarter. A total of 933.8 Bitcoins were mined during the quarter. The average cost to mine Bitcoin, excluding depreciation of mining machines, was US$67,769.9 per Bitcoin in the quarter. Net income was RMB55.9 million (US$7.7 million) in the quarter compared with net loss of RMB103.8 million in the same period of 2023. Total balance of cash and cash equivalents and short-term investments were RMB2.5 billion (US$345.3 million) as of December 31, 2024. The total outstanding balance of financing transactions the Company facilitated was RMB3.9 billion (US$533.0 million) as of December 31, 2024. Our credit risk exposure has decreased, with only RMB1.1 billion (US$ 148.2 million) of outstanding loan balances where the Company bears credit risks that have not been provided with full bad debt allowance or full risk assurance liabilities. M1+ and M3+ overdue ratios for all outstanding financing transactions facilitated by the Company that have not been provided with full bad debt allowance or full risk assurance liabilities were 3.24% and 1.78%, respectively, as of December 31, 2024, compared with 3.17% and 1.76%, respectively, as of September 30, 2024. Full Year 2024 Financial and Operational Highlights Total revenues were RMB804.5 million (US$110.2 million) compared with RMB1.7 billion in the full year of 2023. Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million), despite the business's very recent launch in November 2024. Net income was RMB299.8 million (US$41.1 million) compared with a net loss of RMB37.9 million in the full year of 2023. Mr. Jiayuan Lin, Chief Executive Officer of Cango, commented, "2024 was a milestone year for Cango, marking another pivotal transformation and growth phase for the Company. While we continued to develop our traditional automotive business, we also capitalized on the growing opportunities in the cryptocurrencies sector and strategically expanded into Bitcoin mining. In early November 2024, we announced our acquisition of on-rack Bitcoin mining machines with an aggregate hashrate of 50 exahashes (EH) for a total purchase price of US$400 million. By November 15, we had taken delivery of 32 EH of mining power, making us the third-largest Bitcoin miner globally. In just two months, our Bitcoin mining business generated revenues of RMB653.0 million, with a total of 933.8 Bitcoins mined as of the end of 2024." "Driven by the Bitcoin mining business' initial success, Cango recorded total revenues of RMB668 million in the fourth quarter of 2024, representing a year-over-year surge of over 400%. Given this field's immense growth potential, we have refined our transformation efforts and placed "Energy + Computing Power" at the core of our future development strategy. Meanwhile, we will maintain a strong focus on our used car exporting business, aiming to become a leading asset-light gateway for China's used car exports. Looking ahead to 2025, leveraging our solid foundation in the cryptocurrencies sector, we are strategically positioning ourselves for further expansion across the digital economy value chain, creating sustainable value for all our stakeholders," concluded Mr. Lin. Mr. Yongyi Zhang, Chief Financial Officer of Cango, stated, "We are pleased to close 2024 with strong financial performance, driven by our strategic entry into the Bitcoin mining business. In 2024, we achieved a net income of RMB 299.8 million, marking a turnaround from the net loss recorded in 2023. Building on the solid foundation we have established in the Bitcoin mining business, we will continue to assess and pursue new opportunities to expand our capacity while prioritizing cost-effective and environmentally sustainable energy solutions to optimize our cost structure. As we move into 2025, we are confident that Cango is well-positioned to embark on its next phase of growth." Fourth Quarter 2024 Financial Results REVENUES Total revenues in the fourth quarter of 2024 were RMB668.0 million (US$91.5 million) compared with RMB130.2 million in the same period of 2023. The significant year-over-year increase was primarily driven by the Bitcoin mining business launched in November 2024. Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million), with a total of 933.8 Bitcoins mined as of the end of 2024. Revenue from automotive trading related income[1] was RMB15.0 million (US$2.1 million), compared with RMB130.2 million in the same period of 2023. OPERATING COST AND EXPENSES Total operating cost and expenses in the fourth quarter of 2024 were RMB645.5 million (US$88.4 million) compared with RMB159.1 million in the same period of 2023. Cost of revenue in the fourth quarter of 2024 increased to RMB550.5 million (US$75.4 million) from RMB110.9 million in the same period of 2023. The year-over-year increase was primarily driven by the cost of the Bitcoin mining business. As a percentage of total revenues, cost of revenue in the fourth quarter of 2024 was 82.4% compared with 85.1% in the same period of 2023. Sales and marketing expenses in the fourth quarter of 2024 decreased to RMB2.2 million (US$0.3 million) from RMB4.4 million in the same period of 2023. As a percentage of total revenues, sales and marketing expenses in the fourth quarter of 2024 were 0.3% compared with 3.4% in the same period of 2023. General and administrative expenses in the fourth quarter of 2024 increased to RMB127.9 million (US$17.5 million) from RMB45.6 million in the same period of 2023. As a percentage of total revenues, general and administrative expenses in the fourth quarter of 2024 were 19.1% compared with 35.0% in the same period of 2023. Research and development expenses in the fourth quarter of 2024 decreased to RMB1.3 million (US$0.2 million) from RMB7.3 million in the same period of 2023. As a percentage of total revenues, research and development expenses in the fourth quarter of 2024 were 0.2% compared with 5.6% in the same period of 2023. Net loss on contingent risk assurance liabilities in the fourth quarter of 2024 was RMB4.6 million (US$0.6 million), compared with RMB22.2 million in the same period of 2023. Net recovery on provision for credit losses in the fourth quarter of 2024 was RMB66.1 million (US$9.1 million), compared with RMB31.2 million in the same period of 2023. INCOME FROM OPERATIONS Income from operations in the fourth quarter of 2024 was RMB22.5 million (US$3.1 million) compared with loss from operations of RMB28.9 million in the same period of 2023. NET INCOME Net income in the fourth quarter of 2024 was RMB55.9 million (US$7.7 million) compared with net loss of RMB103.8 million in the same period of 2023. Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB59.2 million (US$8.1 million) compared with non-GAAP adjusted net loss of RMB99.2 million in the same period of 2023. Non-GAAP adjusted net loss excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (the "ADS") in the fourth quarter of 2024 were RMB0.54 (US$0.07) and RMB0.48 (US$0.07), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the fourth quarter of 2024 were RMB0.57 (US$0.08) and RMB0.51 (US$0.07), respectively. Each ADS represents two Class A ordinary shares of the Company. Full Year 2024 Financial Results REVENUES Total revenues in the full year of 2024 were RMB804.5 million (US$110.2 million) compared with RMB1.7 billion in the full year of 2023. The year-over-year decrease was primarily due to decreased automotive trading related income[1], partially offset by the revenue contribution from the Bitcoin mining business launched in November 2024. Revenue from the Bitcoin mining business was RMB653.0 million (US$89.5 million) with a total of 933.8 Bitcoins mined as of the end of 2024. Revenues from automotive trading related income[1] was RMB151.5 million (US$20.8 million) compared with RMB1.7 billion in the full year of 2023. OPERATING COST AND EXPENSES Total operating cost and expenses in the full year of 2024 were RMB625.6 million (US$85.7 million) compared with RMB1.8 billion in the full year of 2023. Cost of revenue in the full year of 2024 decreased to RMB629.4 million (US$86.2 million) from RMB1.5 billion in the full year of 2023. The year-over-year decline was primarily due to the reduced business scale of the automotive trading related business, partially offset by rising costs associated with the Bitcoin mining business. As a percentage of total revenues, cost of revenue in the full year of 2024 was 78.2% compared with 88.8% in the full year of 2023. Sales and marketing expenses in the full year of 2024 decreased to RMB13.1 million (US$1.8 million) from RMB38.9 million in the full year of 2023. As a percentage of total revenues, sales and marketing expenses in the full year of 2024 were 1.6% compared with 2.3% in the full year of 2023. General and administrative expenses in the full year of 2024 increased to RMB250.2 million (US$34.3 million) from RMB157.0 million in the full year of 2023. As a percentage of total revenues, general and administrative expenses in the full year of 2024 were 31.1% compared with 9.2% in the full year of 2023. Research and development expenses in the full year of 2024 decreased to RMB5.5 million (US$0.7 million) from RMB30.1 million in the full year of 2023. As a percentage of total revenues, research and development expenses in the full year of 2024 were 0.7% compared with 1.8% in the full year of 2023. Net gain on contingent risk assurance liabilities in the full year of 2024 was RMB27.8 million (US$3.8 million), compared with net loss of RMB25.6 million in the full year of 2023. Net recovery on provision for credit losses in the full year of 2024 was RMB269.9 million (US$37.0 million), compared with RMB136.5 million in the full year of 2023. INCOME FROM OPERATIONS Income from operations in the full year of 2024 was RMB178.9 million (US$24.5 million) compared with loss from operations of RMB73.8 million in the full year of 2023. NET INCOME Net income in the full year of 2024 was RMB299.8 million (US$41.1 million) compared with net loss of RMB37.9 million in the full year of 2023. Non-GAAP adjusted net income in the full year of 2024 was RMB316.9 million (US$43.4 million) compared with Non-GAAP adjusted net income of RMB0.6 million in the full year of 2023. Non-GAAP adjusted net income excludes the impact of share-based compensation expenses. For further information, see "Use of Non-GAAP Financial Measure." NET INCOME PER ADS Basic and diluted net income per American Depositary Share (the "ADS") in the full year of 2024 were RMB2.88 (US$0.39) and RMB2.57 (US$0.35), respectively. Non-GAAP adjusted basic and diluted net income per ADS in the full year of 2024 were RMB3.04 (US$0.42) and RMB2.72 (US$0.37), respectively. Each ADS represents two Class A ordinary shares of the Company. BALANCE SHEET As of December 31, 2024, the Company had cash and cash equivalents of RMB1.3 billion (US$176.7 million) compared with RMB691.8 million as of September 30, 2024. As of December 31, 2024, the Company had short-term investments of RMB1.2 billion (US$168.7 million) compared with RMB3.1 billion as of September 30, 2024. Business Outlook We currently maintain a deployed hashrate of 32 EH, demonstrating our operational resilience. As part of our continued commitment to growth and scaling our capabilities, we are targeting a substantial increase in our hashrate over the coming months. We are on track to grow our deployed hashrate to approximately 50 EH before the end of this quarter. This increase is expected to be driven by the closing of our share-settled acquisition of Bitcoin mining assets, positioning us to strengthen our competitive advantage and increase operational efficiency. Share Repurchase Program Pursuant to the share repurchase program announced on April 23, 2024, the Company had repurchased 996,640 ADSs with cash in the aggregate amount of approximately US$1.7 million up to December 31, 2024. Conference Call Information The Company's management will hold a conference call on Thursday, March 6, 2025, at 8:00 P.M. Eastern Time or Friday, March 7, 2025, at 9:00 A.M. Beijing Time to discuss the financial results. Listeners may access the call by dialing the following numbers: International: United States Toll Free: Mainland China Toll Free: Hong Kong, China Toll Free: Conference ID: +1-412-902-4272+1-888-346-89824001-201-203800-905-945Cango Inc. The replay will be accessible through March 13, 2025, by dialing the following numbers: International: United States Toll Free: Access Code: +1-412-317-0088+1-877-344-75296316125 A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com. About Cango Inc. Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Headquartered in Shanghai, China, Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: www.cangoonline.com. Definition of Overdue Ratios The Company defines "M1+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 30 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. The Company defines "M3+ overdue ratio" as (i) exposure at risk relating to financing transactions for which any installment payment is 90 to 179 calendar days past due as of a specified date, divided by (ii) exposure at risk relating to all financing transactions which remain outstanding as of such date, excluding amounts of outstanding principal that are 180 calendar days or more past due. Use of Non-GAAP Financial Measure In evaluating the business, the Company considers and uses Non-GAAP adjusted net income (loss), a Non-GAAP measure, as a supplemental measure to review and assess its operating performance. The presentation of the Non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company defines Non-GAAP adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company presents the Non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. Non-GAAP adjusted net income (loss) enables the management to assess the Company's operating results without considering the impact of share-based compensation expenses, which are non-cash charges. The Company also believes that the use of the Non-GAAP measure facilitates investors' assessment of its operating performance. Non-GAAP adjusted net income (loss) is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as analytical tools. One of the key limitations of using Non-GAAP adjusted net income (loss) is that it does not reflect all items of expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in the business and are not reflected in the presentation of Non-GAAP adjusted net income (loss). Further, the Non-GAAP measure may differ from the Non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Business Outlook" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; Cango's expectations regarding keeping and strengthening its relationships with dealers, financial institutions, car buyers and other platform participants; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact Yihe LiuCango Inc.Tel: +86 21 3183 5088 ext.5581Email: [email protected] Helen WuPiacente Financial CommunicationsTel: +86 10 6508 0677Email: [email protected] [1] Revenue from automotive trading related income consists revenues generated from loan facilitation income and other related income, guarantee income, leasing income, after-market services income, automotive trading income and others. CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data） As of December 31, 2023 As of December 31, 2024 RMB RMB US$ ASSETS: Current assets: Cash and cash equivalents 1,020,604,191 1,289,629,981 176,678,583 Restricted cash - current - bank deposits held for short-term investments 1,670,006,785 - - Restricted cash - current - others 14,334,937 10,813,746 1,481,477 Short-term investments 635,070,394 1,231,171,751 168,669,838 Accounts receivable, net 64,791,709 22,991,951 3,149,884 Finance lease receivables - current, net 200,459,435 20,685,475 2,833,898 Financing receivables, net 29,522,035 5,685,096 778,855 Short-term contract asset 170,623,200 33,719,944 4,619,613 Prepayments and other current assets 78,606,808 226,352,004 31,010,097 Receivable for bitcoin collateral - 617,057,765 84,536,567 Total current assets 3,884,019,494 3,458,107,713 473,758,812 Non-current assets: Restricted cash - non-current 583,380,417 287,425,602 39,377,146 Mining machines - 1,772,319,041 242,806,713 Property and equipment, net 8,239,037 6,634,509 908,924 Intangible assets 48,373,192 47,425,617 6,497,283 Long-term contract asset 36,310,769 17,551,040 2,404,483 Finance lease receivables - non-current, net 36,426,617 9,309,227 1,275,359 Operating lease right-of-use assets 47,154,944 40,788,977 5,588,067 Other non-current assets 4,705,544 329,761,833 45,177,186 Total non-current assets 764,590,520 2,511,215,846 344,035,161 TOTAL ASSETS 4,648,610,014 5,969,323,559 817,793,973 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term debts 39,071,500 124,584,293 17,067,978 Long-term debts—current 926,237 - - Short-term lease liabilities 7,603,380 7,912,420 1,083,997 Accrued expenses and other current liabilities 206,877,626 1,348,300,779 184,716,449 Deferred guarantee income 86,218,888 11,787,712 1,614,910 Contingent risk assurance liabilities 125,140,991 31,190,425 4,273,071 Income tax payable 311,904,279 311,130,341 42,624,682 Total current liabilities 777,742,901 1,834,905,970 251,381,087 Non-current liabilities: Long-term debts 712,023 - - Deferred tax liability 10,724,133 10,724,133 1,469,200 Long-term operating lease liabilities 42,228,435 37,044,466 5,075,071 Other non-current liabilities 226,035 19,118 2,619 Total non-current liabilities 53,890,626 47,787,717 6,546,890 Total liabilities 831,633,527 1,882,693,687 257,927,977 Shareholders' equity Ordinary shares 204,260 199,087 27,274 Treasury shares (773,130,748) (756,517,941) (103,642,533) Additional paid-in capital 4,813,679,585 4,725,877,432 647,442,554 Accumulated other comprehensive income 111,849,166 152,882,024 20,944,751 Accumulated deficit (335,625,776) (35,810,730) (4,906,050) Total Cango Inc.'s equity 3,816,976,487 4,086,629,872 559,865,996 Total shareholders' equity 3,816,976,487 4,086,629,872 559,865,996 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,648,610,014 5,969,323,559 817,793,973 CANGO INC.UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data) For the three months ended For the years ended December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 RMB RMB US$ RMB RMB US$ Revenues 130,237,183 668,032,884 91,520,130 1,701,918,741 804,488,547 110,214,479 Revenue from bitcoin mining - 652,986,472 89,458,780 - 652,986,472 89,458,780 Loan facilitation income and other related income (7,656,161) (534,163) (73,180) 19,962,063 15,776,386 2,161,356 Guarantee income 42,110,239 8,849,830 1,212,422 212,121,156 74,431,177 10,197,029 Leasing income 7,272,645 1,196,019 163,854 57,430,571 11,534,923 1,580,278 After-market services income 24,023,492 5,116,611 700,973 65,388,466 41,227,512 5,648,146 Automobile trading income 53,203,912 168,774 23,122 1,309,633,693 6,285,166 861,064 Others 11,283,056 249,341 34,159 37,382,792 2,246,911 307,826 Operating cost and expenses: Cost of revenue 110,877,885 550,534,892 75,422,971 1,511,863,115 629,379,550 86,224,645 Sales and marketing 4,375,457 2,189,957 300,023 38,921,589 13,099,320 1,794,599 General and administrative 45,646,503 127,873,306 17,518,571 156,966,463 250,164,109 34,272,342 Research and development 7,272,969 1,274,152 174,558 30,114,175 5,467,033 748,980 Net loss (gain) on contingent risk assurance liabilities 22,156,496 4,584,862 628,124 25,631,610 (27,801,042) (3,808,727) Net recovery on provision for credit losses (31,224,666) (66,105,573) (9,056,426) (136,485,155) (269,865,102) (36,971,367) Impairment loss from goodwill - - - 148,657,971 - - Loss from change in fair value of receivable for bitcoin collateral - 25,150,893 3,445,658 - 25,150,893 3,445,658 Total operation cost and expenses 159,104,644 645,502,489 88,433,479 1,775,669,768 625,594,761 85,706,130 (Loss) income from operations (28,867,461) 22,530,395 3,086,651 (73,751,027) 178,893,786 24,508,349 Interest income, net 20,183,627 30,316,565 4,153,352 79,164,929 106,317,885 14,565,491 Net gain on equity securities 8,653,285 1,570,825 215,202 24,093,019 8,788,576 1,204,030 Interest expense - (659,217) (90,312) (4,099,783) (659,217) (90,312) Foreign exchange (loss) gain, net (1,247,296) 2,571,854 352,343 1,099,229 1,650,777 226,156 Other income 1,297,133 (209,124) (28,650) 30,701,851 8,261,705 1,131,849 Other expenses (1,256,297) (65,035) (8,910) (1,624,789) (2,116,893) (290,013) Net (loss) income before income taxes (1,237,009) 56,056,263 7,679,676 55,583,429 301,136,619 41,255,550 Income tax expenses (102,541,409) (169,965) (23,285) (93,456,703) (1,321,573) (181,055) Net (loss) income (103,778,418) 55,886,298 7,656,391 (37,873,274) 299,815,046 41,074,495 Net (loss) income attributable to Cango Inc.'s shareholders (103,778,418) 55,886,298 7,656,391 (37,873,274) 299,815,046 41,074,495 (Loss) income per ADS attributable to ordinary shareholders: Basic (0.95) 0.54 0.07 (0.31) 2.88 0.39 Diluted (0.95) 0.48 0.07 (0.31) 2.57 0.35 Weighted average ADS used to compute earnings per ADS attributable to ordinary shareholders: Basic 109,101,164 103,360,485 103,360,485 121,524,393 104,098,809 104,098,809 Diluted 109,101,164 116,491,043 116,491,043 121,524,393 116,516,361 116,516,361 Other comprehensive (loss) income, net of tax Foreign currency translation adjustment (34,347,812) 54,079,188 7,408,818 45,489,264 41,032,858 5,621,478 Total comprehensive (loss) income (138,126,230) 109,965,486 15,065,209 7,615,990 340,847,904 46,695,973 Total comprehensive (loss) income attributable to Cango Inc.'s shareholders (138,126,230) 109,965,486 15,065,209 7,615,990 340,847,904 46,695,973 CANGO INC.RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in Renminbi ("RMB") and US dollar ("US$"), except for number of shares and per share data For the three months ended For the years ended December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) RMB RMB US$ RMB RMB US$ Net (loss) income (103,778,418) 55,886,298 7,656,391 (37,873,274) 299,815,046 41,074,495 Add: Share-based compensation expenses 4,592,933 3,300,621 452,183 38,490,513 17,114,743 2,344,710 Cost of revenue 266,712 1,082,252 148,268 2,187,338 1,719,572 235,580 Sales and marketing 968,854 352,887 48,345 7,715,989 2,903,897 397,832 General and administrative 3,120,759 1,865,482 255,570 26,831,755 12,234,590 1,676,132 Research and development 236,608 - - 1,755,431 256,684 35,166 Non-GAAP adjusted net (loss) income (99,185,485) 59,186,919 8,108,574 617,239 316,929,789 43,419,205 Net (loss) income attributable to Cango Inc.'s shareholders (99,185,485) 59,186,919 8,108,574 617,239 316,929,789 43,419,205 Non-GAAP adjusted net (loss) income per ADS-basic (0.91) 0.57 0.08 0.01 3.04 0.42 Non-GAAP adjusted net (loss) income per ADS-diluted (0.91) 0.51 0.07 0.00 2.72 0.37 Weighted average ADS outstanding—basic 109,101,164 103,360,485 103,360,485 121,524,393 104,098,809 104,098,809 Weighted average ADS outstanding—diluted 109,101,164 116,491,043 116,491,043 126,940,244 116,516,361 116,516,361 SOURCE Cango Inc. 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Cango Inc. Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

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